Savings Accounts
Why do we pull money from our savings account?
For big expenses or emergencies.
Why do we pull money from our checking account?
For monthly bills.
Why and when do we use money from our wallet?
What is a budget?
A plan for how we use and spend money.
Amelia needs to pay rent. The bill for her rent this month says $615.00. Should Amelia pull out money from her savings account, checking account or wallet? Why?
Checking account. We pull money from our checking accounts for monthly bills.
Two examples of why we would pull money out of a savings account.
Vacation, hotel, flights, buying a house, hospital bills, car accident bills
Two examples of why we would pull money from our checking account.
Gas bill, electric bill, gym bill, wifi bill, phone bill
You might find coins and cash in a wallet.
TRUE
What is a bank account?
An account where money is stored. It is maintained by a bank or other financial institution in which the financial transactions between the bank and a customer are recorded.
Taylor and her friend are planning a trip. They need a buy a plane ticket and a hotel room. The plane ticket is $120.00 and the hotel room is $82.00. In total, her expenses add up to $202.00. Should Taylor pull out money from her savings account, checking account or wallet? Why?
Savings account. This is a big expense that is not a bill.
What is the definition of a savings account?
Money that is used for emergencies or big expenses.
What is the definition of a checking account?
Money that is used for monthly bills.
What would you not find in a wallet? List 3 items
Sunglasses, masks, necklace
Why should you budget your money?
Benjamin wants to go see the new movie "Welcome Home" out in theaters. He wants an XL popcorn and soda. The ticket costs $12.00. The popcorn is 5.99$ and the soda is $1.99. The total comes out to $19.98. Should Benjamin pull out money from his savings account, checking account or wallet? Why?
Wallet. This is not a big expense, emergency or bill. This is something Benjamin wants.
Elijah's sister gives him $50 for his birthday. Is this a deposit or withdrawal?
Deposit
Omar earns his first paycheck, and he sets up a direct deposit with his bank. Is this transaction a deposit or withdrawal?
Deposit
List 5 things you would find in a wallet
License, ID card, insurance card, cash, coins, pictures, gift cards, debit cards, credit cards
What is the difference between a credit card and debit card?
A debit card is saved money you have in an account. You can not exceed the limit in this account when buying things.
A credit card is an account where you have a certain amount of money you can spend. This amount of money doesn't have to be the amount you have in a saved account. A company gives you a certain amount of money to spend. This is called your credit limit.
Callum goes to his neighborhood gym everyday. Each month he pays a membership fee. He gets unlimited access during the gyms open hours. This month his bill statement says he owe $55.00. Should Mike pull out money from his savings account, checking account or wallet?
Checking account. This is a monthly bill.
Emily has to take $25 out of the bank to buy groceries. Is this a deposit or withdrawal?
Withdrawal
Jonas writes a check to donate money to charity. Is this a withdrawal from his account or a deposit?
Withdrawal
If you find a strangers wallet misplaced at the store... what should you do ?
If you find a strangers wallet on the ground at the park... what could you do ?
Should you take out money or cards in the wallet to keep for yourself?
Bring it to the customer service area, give it to an employee
Look through the wallet for a number to call.
NO
What do you need to show when you open a bank account?
I.D.
Kegan wants to watch a movie at home. He turns on the TV and clicks on Netflix. He scrolls through different TV shows and movies. Kegan loves Netflix because he can watch his favorite movies and TV shows when he wants to. He pays $12.99 a month for his Netflix subscription. Should Kegan pull money out to pay for this from his checking account, savings account or wallet? Why?
Checking account because it is a bill.